The stocks that are most likely to grab investors’ attention are Nexen, Intermec Inc. (NYSE:IN), Diamond Foods, Inc. (NASDAQ:DMND), Zogenix, Inc. (NASDAQ:ZGNX) and American International Group, Inc. (NYSE:AIG).
Intermec Inc. (NYSE:IN): Honeywell International Inc. (NYSE:HON) has announced to acquire Intermec Inc. (NYSE:IN) for approximately $600 million to expand its business in mobile computing devices. Intermec Inc. (NYSE:IN) stocks jumped 23 percent in premarket trading to $9.81, slightly below $10 a share offered by Honeywell. Honeywell had offered a 25 percent premium on the company’s closing price on Friday.
Jim Chanos At Invest For Kids: Short This Tech Company As Profits Slump
At this year's Invest For Kids conference, hedge fund manager Jim Chanos pitched a tech giant as his favorite short idea. Jim Chanos is a Wall Street legend. The president and founder of Kynikos Associates made his name shorting Enron in the 1990s. He has since identified some of the most profitable shorts in the Read More
Nexen Inc. (USA) (NYSE:NXY): Canadian regulators today approved Beijing-based energy giant CNOOC Limited (NYSE:CEO) (HKG:0883)’s $15.1 billion bid to acquire Nexen Inc. (USA) (NYSE:NXY). It was one of the biggest hurdles in the biggest foreign takeover by a Chinese firm. Nexen shares jumped 14.80 percent to $27 in after hours trading. CNOOC shares surged 0.73 percent on Friday to close at $216.80.
Diamond Foods, Inc. (NASDAQ:DMND): The company has been struggling with a plant closure and a series of investigations related to its accounting scandal. Diamond Foods, Inc. (NASDAQ:DMND) reported 78 percent decline in its fourth quarter earnings from 23 cents last year to 5 cents. The full year earnings are also down 67 percent. During the fourth quarter, the company’s revenues declined 5 percent to $224.0 million. Stocks were already down 6.1 percent in premarket trading to $13.90.
Zogenix, Inc. (NASDAQ:ZGNX): The pharmaceutical company’s stocks declined 39 percent to $1.45 a share in premarket trading after the company announced that USFDA advisory committee has voted against the treatment it developed for chronic pain. Zogenix, Inc. (NASDAQ:ZGNX) manufactures drugs for the treatment of central nervous system diseases and disorders.
ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS): ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) said it has reached an agreement with Biogen Idec to develop anti-sense drugs to treat neurological and neuromuscular disorders. Biogen will pay Isis $30 million upfront. Isis could further receive $200 million in milestone payments and license fee. Isis Pharmaceuticals’ shares surged 5.4% to $9.47 in premarket trading.
American International Group, Inc. (NYSE:AIG): The New York-based insurer expects to suffer heavy losses in fourth quarter due to superstorm Sandy. The losses may reach $1.3 billion post-taxes.
Other companies that are likely to witness heavy trading are Groupon Inc (NASDAQ:GRPN), John Wiley & Sons and Molycorp Inc.